Helmsman
Offered by
Charter National Life Insurance Company
through the
Charter National Variable Annuity Account
Supplement Dated August 20, 1999
to the
Prospectus Dated May 1, 1991
On July 1, 1999 Allstate Life Insurance Company announced that it had
purchased Charter National Life Insurance Company from Leucadia National
Corporation. As a result of this transaction, we have made the following changes
to your prospectus:
Replaced the second and third paragraphs on page 10 under the heading "Charter
National Life Insurance Company" with:
On July 1, 1999, Charter became a wholly owned subsidiary of Allstate
Life Insurance Company ("Allstate"), a stock life insurance company
incorporated under the laws of Illinois. Charter was previously a
wholly owned subsidiary of Leucadia National Corporation ("Leucadia").
Allstate is a wholly owned subsidiary of Allstate Insurance Company, a
stock property-liability insurance company incorporated under the laws
of Illinois. The Allstate Corporation owns all of the outstanding
capital stock of Allstate Insurance Company.
CNL, Inc. ("CNL") is the principal underwriter of the Contracts. On
September 2, 1998, Leucadia, then sole owner of all of the stock of
CNL, sold all of its CNL stock to Allstate.
Added the following disclosure to page 11 before the section entitled "Scudder
Variable Life Investment Fund":
Service Agreements with Allstate
On September 2, 1998, Charter and Allstate entered into an
administrative services agreement under which Allstate or an affiliate
will administer the Contracts. Neither of these agreements will change
the fact that Charter is primarily liable to you under your Contract.
At this time, there have been no changes to the address or phone
numbers that you are currently using.
Modified the third sentence in the first paragraph on page 30 under the heading
"Distribution of the Contract" to read:
CNL is a wholly owned subsidiary of Allstate and, therefore, is
controlled by Allstate.
* * *
This Supplement must be read in conjunction with
the Prospectus for
the Charter National Variable Annuity Account dated May 1, 1991
